AUCTION BLOCK

The podium or raised platform where the auctioneer stands while conducting the auction. Placing (an item) on the auction block means to sell something at auction.

AS IS

The property sold at auction is normally in as-is condition meaning it is sold without any warranty as to the condition and/or the fitness for a particular use. Buyers are solely responsible for determining the condition of the property being offered for sale and, therefore, should take advantage of the inspection period.

AGREEMENT OF SALE

The legal contract between the buyer and seller of a real estate property including the sale price, settlement date, and all terms and conditions of the sale.

AGENT

A person who acts for or in the place of another individual or entity by authority from them.

ABSOLUTE AUCTION

The term absolute auction means that the property will be offered for sale at auction without reserve and will be sold to the highest bidder regardless of price.

ABSENTEE BIDDER

A person (or entity) who does not attend the sale but submits, in advance, a written or oral bid that is executed on his behalf by the auction company.

ABSENTEE BID (AKA PROXY BID)

An absentee bid is sometimes called a proxy bid. It is a convenient option for someone who is not available to bid in person or online on auction day. Proxy bidding also makes it easier for you to bid on items when you cannot make it to the auction. When you place a proxy bid,… Continue reading ABSENTEE BID (AKA PROXY BID)